The already-large 2C gross resources of 422 mmboe within the Phoenix Project are expected to support a long asset life.
Most recently, Carnarvon has been completing appraisal work on the Dorado-3 well, which is following up the success of the Dorado-1 and Dorado-2 wells.
Wireline logging results from early September 2019 in the Dorado-3 well strongly supported progressing to the next stage being two planned flow tests of the Caley and Baxter intervals.
Carnarvon added to S&P/ASX All Australian 200
The evolution of Carnarvon as emerging oil and gas developer is evident from its inclusion in the S&P/ASX 300 Index in March 2019.
Most recently, Carnarvon was added to the S&P/ASX All Australian 200, which is similar to the ASX 200 but with the extra requirement to be domiciled in Australia.
Carnarvon shares were trading around 14 cents before the first Dorado discovery in July 2018 – they are trading at around 40 cents today and have been as high as 69.5 cents.